More opt to rent textbooks

University of Florida students Lindsay Chason, left, and Kaelyn Steinkraus, center, look for textbooks as a "Rent Textbooks" banner hangs giving students an alternative option to buying new or used books at the Florida Book Store on Wednesday, August 25, 2010.

Aaron Daye/Staff photographer

By Kimberly C. MooreStaff writer

Published: Tuesday, August 31, 2010 at 6:01 a.m.

Last Modified: Monday, August 30, 2010 at 11:32 p.m.

University of Florida finance major Thomas Spoto, 21, joined the ranks of students declaring they're just not going to take it anymore, finding a way around the always-increasing cost of college textbooks.

Renting college textbooks is now all the rage at campus bookstores and online, with students saving at least half off the new cover price. And they don't run the risk of a bookstore not buying back the book if a professor decides not to use it the following semester or the publisher issues a new edition.

"I saved money," said Spoto, who rented his books from Florida Book Store and online at Chegg.com. He said the cost of a new book is about $130, while renting them was about $65 apiece. "It's still a lot of money."

Mike Bibbee, Florida Book Store textbook manager, said students pay the rental fee - usually half off the new price - and then the store has them swipe a credit card to make sure they bring back the books at the end of the semester. If not, they're charged the new price, plus a 10 percent handling fee.

"The return rate was phenomenal," Bibbee said about the end of the spring and summer semesters. "It was much better than we expected, actually."

Renting textbooks, rather than buying them and then selling them back at the end of the semester, is a safer way to go, Bibbee said, because the bookstore assumes the risk of the book not being used the next semester - or a newer version being used instead. And the bookstore continues to make money because it can usually rent the book out at least three times, if not more.

Experts explained that a book costing $75 wholesale and retailing for $100 can be rented for $50 at least three times - totaling $150 and clearing a 100 percent profit for the bookstore.

Florida Book Store began the rental program on Jan. 1 for the spring semester, renting out about 1,000 of its 4,000 titles in stock. Business, Bibbee said, has been booming. They also have a short-term rental program, which allows students to borrow a book for $10 for the first day and $5 for each additional day. It comes in handy when cramming for a midterm or final, Bibbee said.

"That way, they don't have to spend $100 on a book," he said.

Online sites started the trend. CollegeBooksRentals.com, eCampus.com and campusbookrentals.com all rent books.

Chegg.com started book rentals on college campuses across the country in 2007 and now has about 18.4 million customers. Industry experts say it is the largest online textbook rental site in the country.

According to Chegg's website, the company has already saved students more than $240 million on 4.2 million book titles. As an added "feel good" benefit, the company says it plants a tree on the student's behalf every time they rent from the company. Chegg recently added a mobile application that allows students to check on prices while they're at their campus bookstore.

"These are difficult economic times and anything we can do to make it easier for students to get the books they need, and for less, is a good thing," said Dan Rosenweig, president and CEO of Chegg.com.

Textbook publishers are, at the least, joining the online trend by selling e-books on their websites for half the cost of a campus bookstore. Students can also choose a black and white option of the book to save money, or they can buy single chapters starting at $1.99, said Bruce Hildebrand, executive director for high education at the Association of American Publishers.

"There are more shopping opportunities currently for students than at any time in history," Hildebrand said. "And it's based on technology."

But some say the publishers brought this on themselves by issuing a new version of a book with only minor changes every year and a half to two years - and jacking up the prices. One reason for the new additions and high prices could be book royalties. Publishers and authors receive a royalty only on new books sold, Bibbee explained. Renting books or buying used ones do nothing for publishing houses or the writers.

For instance, at Orange and Blue Textbooks, a cost accounting book goes for $212 new and $159 used. The essentials of economics is $200 new and $150.50 used. Signs all over the store exclaim that students can save 50 percent by renting.

Mike Rollins, 22, a senior English major focusing on film studies, said he rents the books he doesn't want to keep.

<p>University of Florida finance major Thomas Spoto, 21, joined the ranks of students declaring they're just not going to take it anymore, finding a way around the always-increasing cost of college textbooks.</p><p>Renting college textbooks is now all the rage at campus bookstores and online, with students saving at least half off the new cover price. And they don't run the risk of a bookstore not buying back the book if a professor decides not to use it the following semester or the publisher issues a new edition.</p><p>"I saved money," said Spoto, who rented his books from Florida Book Store and online at Chegg.com. He said the cost of a new book is about $130, while renting them was about $65 apiece. "It's still a lot of money."</p><p>Mike Bibbee, Florida Book Store textbook manager, said students pay the rental fee - usually half off the new price - and then the store has them swipe a credit card to make sure they bring back the books at the end of the semester. If not, they're charged the new price, plus a 10 percent handling fee.</p><p>"The return rate was phenomenal," Bibbee said about the end of the spring and summer semesters. "It was much better than we expected, actually."</p><p>Renting textbooks, rather than buying them and then selling them back at the end of the semester, is a safer way to go, Bibbee said, because the bookstore assumes the risk of the book not being used the next semester - or a newer version being used instead. And the bookstore continues to make money because it can usually rent the book out at least three times, if not more.</p><p>Experts explained that a book costing $75 wholesale and retailing for $100 can be rented for $50 at least three times - totaling $150 and clearing a 100 percent profit for the bookstore.</p><p>Florida Book Store began the rental program on Jan. 1 for the spring semester, renting out about 1,000 of its 4,000 titles in stock. Business, Bibbee said, has been booming. They also have a short-term rental program, which allows students to borrow a book for $10 for the first day and $5 for each additional day. It comes in handy when cramming for a midterm or final, Bibbee said.</p><p>"That way, they don't have to spend $100 on a book," he said.</p><p>Online sites started the trend. CollegeBooksRentals.com, eCampus.com and campusbookrentals.com all rent books.</p><p>Chegg.com started book rentals on college campuses across the country in 2007 and now has about 18.4 million customers. Industry experts say it is the largest online textbook rental site in the country.</p><p>According to Chegg's website, the company has already saved students more than $240 million on 4.2 million book titles. As an added "feel good" benefit, the company says it plants a tree on the student's behalf every time they rent from the company. Chegg recently added a mobile application that allows students to check on prices while they're at their campus bookstore.</p><p>"These are difficult economic times and anything we can do to make it easier for students to get the books they need, and for less, is a good thing," said Dan Rosenweig, president and CEO of Chegg.com.</p><p>Textbook publishers are, at the least, joining the online trend by selling e-books on their websites for half the cost of a campus bookstore. Students can also choose a black and white option of the book to save money, or they can buy single chapters starting at $1.99, said Bruce Hildebrand, executive director for high education at the Association of American Publishers.</p><p>"There are more shopping opportunities currently for students than at any time in history," Hildebrand said. "And it's based on technology."</p><p>But some say the publishers brought this on themselves by issuing a new version of a book with only minor changes every year and a half to two years - and jacking up the prices. One reason for the new additions and high prices could be book royalties. Publishers and authors receive a royalty only on new books sold, Bibbee explained. Renting books or buying used ones do nothing for publishing houses or the writers.</p><p>For instance, at Orange and Blue Textbooks, a cost accounting book goes for $212 new and $159 used. The essentials of economics is $200 new and $150.50 used. Signs all over the store exclaim that students can save 50 percent by renting.</p><p>Mike Rollins, 22, a senior English major focusing on film studies, said he rents the books he doesn't want to keep.</p><p>"Like all students, I hate the high prices," he said.</p><p><i>Contact Kimberly Moore at 374-5036 or kimberly.moore@gvillesun.com.</i></p>